Court : Guwahati
Decided on : Jan-03-1995
..... the assessee failed to file the return within the time prescribed under section 139(3) of the income-tax act, 1961 ?'2. to answer the reference, it is necessary to narrate the short facts of the case.3. the assessing officer mentioned in the assessment order that the total loss ..... within time.6. under section 139(1) of the income-tax act, every person, if his total income or the total income of any other person in respect of which he is assessable under the act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall furnish a return of his income or the income of such other person during the previous year, in ..... . baruah, j.1. the following question has been referred under section 256(1) of the income-tax act at the instance of the department ; 'whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the order of the commissioner of income-tax (appeals) in directing the assessing officer to allow carry forward of loss to the assessee although ..... time prescribed so as to attract the provisions of section 72 of the act. therefore, the reference is answered in the affirmative and against the department. a copy of this judgment under the signature of the registrar and the seal of the high court shall be transmitted to the income-tax appellate tribunal.8. in the facts and circumstances of the case, there .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-15-1995
Reported in : (1995)128CTR(SC)361; 216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; Supp3SCR642
..... of the allahabad high court in sir shadilal sugar and general mills ltd. : 85itr363(all) . the assessment year concerned herein is 1960-61 and is governed by the indian income tax act, 1922. we have referred to the judgment under appeal in the body of the judgment and for the reasons recorded therein the appeal is dismissed. there shall be no order ..... ) . which is the subject-matter of civil appeal no. 1395 of 1974 before us. the assessment year concerned in this case is 1960-61 and, therefore, governed by the indian income tax act, 1922. r.s. pathak, j., (as he then was) speaking for the bench gave an additional reason in support of the view taken in sarangpur cotton. the learned judge referred ..... section 217. this section deals with liability to pay interest of a person who has not previously been assessed by regular assessment under this act or under the indian income tax act, 1922 but has filed an estimate of income and paid tax accordingly under sub-section (3) of section 212. as has been noted earlier in the judgment, 'regular assessment' in this context cannot have ..... under section 210.section 210 speaks of a person who has been previously assessed by way of regular assessment under this act or under the indian income tax act, 1922. such a person can be called upon by the income tax officer to pay advance tax determined in accordance with the provisions of sections 207, 208 and 209. any person who has not previously been assessed by .....Tag this Judgment!
Court : Chennai
Decided on : Dec-07-1995
Reported in : 221ITR680(Mad)
..... years and could deal with it as if it were their own asset, and amounts paid are not admissible as business expenditure under the income-tax act.' 11. thus, according to the facts in the abovesaid decision also, the assessee incurred expenditure under a collaboration agreement as a package deal ..... said to arise out of the order of the tribunal for the assessment year 1976-77 for our opinion under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the sum of ..... arising in this case, confirmed the order passed by the commissioner of income-tax (appeals). 4. learned standings counsel appearing for the department submitted that the drawings were purchased by the assessee by an outright purchase. the drawings ..... drawings would not be of a permanent value to the assessee so as to treat such expenditure as capital expenditure. accordingly, the commissioner of income-tax deleted the addition of rs. 71,657. aggrieved, the department field the second appeal before the tribunal. the tribunal, on considering the facts ..... collaborator for the manufacturing of a special type of automobile component on the specific orders of the defence department. according to the commissioner of income-tax (appeals), as there was no possibility of such orders being repeated in future and as in the modern days of day-to-day .....Tag this Judgment!
Court : Chennai
Decided on : Mar-25-1995
Reported in : 219ITR39(Mad)
..... or charitable institutions and, therefore, the profits from the scheme were not exempted from taxation under section 4(3)(ia) of the income-tax act.24. thus, considering the facts arising in the assessment year 1972-73 in the light of the decisions of the supreme court in ..... following two questions for the opinion of this court under section 256(1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the income of rs. 3,87,832 being the net collections on the three days on which ..... separate fund which would be administered by the secretary of the club. the fund has its own separate rules, and it has separate accounts. the income-tax officer in the prior order wanted to make out that the collections were made by the secretary of the race club and the surplus should be treated ..... the second question relates to surplus in the race club accident fund. there was a surplus of rs. 7,733 in the said fund. the income-tax officer followed the prior year's order and had pointed out that there was no obligation imposed on the trust to disburse the fund and such disbursement ..... was purely discretionary. the income-tax officer treated this surplus as income of the assessee-company. on appeal, the appellate assistant commissioner considered all the facts and had held that this is a separate fund .....Tag this Judgment!
Court : Chennai
Decided on : Aug-03-1995
Reported in : 219ITR157(Mad)
..... to as 'the act'), on the ground that the assessee 'has concealed the particulars of his income', as found in the first part of the abovesaid section 271(1)(c). 3. the facts found are as follows : the ..... in holding that income assessed under compromise with a view to avoid protracted proceedings could not be the basis for levy of penalty under section 271(1)(c) ?' 2. in essence, it has to be seen whether the tribunal is justified in confirming the deletion of penalty, which was levied originally under section 271(1)(c) of the income-tax act, 1961 (hereinafter referred ..... been approved and that clearly indicates that if, on the assessee's own showing, the filing of the original return was an act of concealment of income, it did call for a penalty. in view of that, the decision in addl. cit v. t. k. perumalswamy : 150itr600(mad) , cannot be pressed into service by the assesses.' 11. thus, we also find that ..... on that decision, that whenever there is an estimate of income, there is no scope for holding that the assessee has concealed the income. therefore, if on the assessee's own showing the filing of the original return was an act of concealment of income, it does call for a penalty. in fact in cit v. krishna and co. : 120itr144(mad) also, this court .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-06-1995
Reported in : 217ITR741(Bom)
..... bench of the karnataka high court, after considering section 139(4) in the context of sections 80 (as it then stood), 139(4) and 148 of the income-tax act, 1961, has held that the right given to the assessee under section 139(4) cannot be lost merely because the revenue instituted proceedings under section 147 in the ..... return declaring losses in respect of the assessment year 1980-81 on march 30, 1983, i.e., within the time-limit allowed by section 139 of the income-tax act, 1961. similarly, in respect of the assessment year 1981-82, notice under section 148 was issued on november 22, 1982, and the said notice was received ..... right given to the assessee under section 139(4) cannot be lost merely because the revenue instituted proceedings under section 147 of the income-tax act. in the above circumstances, the petitioner was entitled in respect of the assessment years 1980-81 and 1981-82 to apply to the ..... forward such losses and set off. 2. in respect of the petitioner's claim for determination of the losses for the assessment year 1979-80, the income-tax officer by his order dated march 29, 1985, determined the loss at rs. 23,691 but there was no order to carry forward the loss. the ..... assessment year 1979-80. 3. in the circumstances, the petition is partly allowed. in respect of the assessment years 1980-81 and 1981-82, the income-tax officer will determine the returns claiming losses and also decide the question of carry forward and set off of losses, if any, in accordance with law. .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Dec-11-1995
Reported in : 218ITR475(MP)
..... ) and (b) of the income-tax act are that on the last day of the previous year, the shares of the company carrying not less than fifty-one per cent. of the voting power were beneficially held ..... past losses, unabsorbed depreciation and development rebate relevant to the assessment years prior to the year in which the change in the shareholding took place.'6. section 79 of the income-tax act clearly lays down the carry forward and set off of losses in the case of certain companies. it is true that both the conditions as mentioned in section 79(a ..... on his earlier order dated may30, 1983, for the assessment year 1978-79. the commissioner of income-tax (appeals) allowed the appeal following the earlier decision and permitted the set-off under section 79 of the income-tax act.4. aggrieved by the aforesaid order of the commissioner of income-tax (appeals), the revenue preferred an appeal before the tribunal and the tribunal affirmed the order of ..... the commissioner of income-tax (appeals). hence, the revenue approached the tribunal for making a reference before this court and .....Tag this Judgment!
Court : Delhi
Decided on : Apr-07-1995
Reported in : 58(1995)DLT841; 214ITR726(Delhi)
..... assessed was finally assessed at rs. 3,90,205 on the basis of the order passed by the income-tax appellate tribunal. 3. thereafter the income-tax officer initiated a proceeding against the assessed under section 271(1)(c) of the income-tax act for furnishing inaccurate particulars of income and on conclusion of the proceedings ordered levy of penalty of rs. 2,00,890 on the following ..... dr. m.k. sharma, j.1. this petition under section 256(2) of the income-tax act, 1961, has been filed by the revenue for a direction to the income-tax appellate tribunal relevant to the assessment year 1983-84 to state a case and refer to this court for its opinion the following question stated to be a question of ..... items of concealed income, the addition of which was upheld by the tribunal in the quantum appeal : rs.(a) cost of 3,000 kgs. of ..... law :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in cancelling penalty of rs. 2,00,890 imposed under section 271(1)(c) of the act ?' 2. the assessee-firm carried on business in hing, jeera, dry fruits, etc., in delhi and bombay. the assessed .....Tag this Judgment!
Court : Delhi
Decided on : May-26-1995
Reported in : (1995)129CTR(Del)370; 215ITR441(Delhi)
..... of valuation would be to value it at nil, and accordingly, upheld the contention of the assessee. hence, the present reference application under section 256(2) of the income-tax act is at the instance of the revenue, after the application filed by it under section 256(1) was rejected by the tribunal on the ground that the finding given ..... . british paints india ltd. : 188itr44(sc) . it is not in dispute that under section 145 of the income-tax act, 1961, the assessed can adopt a method of valuation which has to be followed by it regularly. for the earlier previous years, the assessed was valuing the ..... dr. m.k. sharma, j.1. this petition under section 256(2) of the income-tax act, 1961, has been preferred by the revenue for the assessment year 1984-85 seeking a direction to the tribunal to state a case and refer to this ..... option to change the method of valuation of closing stock provided the change is bona fide and followed regularly thereafter. 8. in the present case, the commissioner of income-tax (appeals) found the change adopted by the assessed bona fide. the tribunal also held that the change in the method of valuation adopted by the assessed was bona ..... it is necessary that the system of valuation adopted for opening stock as well as the closing stock should be on identical lines. on appeal, the commissioner of income-tax, after going through the scheme of the assessed and various case laws in the matter, came to the conclusion that the change in the method of valuation of .....Tag this Judgment!
Court : Delhi
Decided on : May-16-1995
Reported in : 215ITR211(Delhi)
..... assessment years 1967-68 to 1970-71 deleted a similar addition made in the assessment year under reference. consequently, the application under section 256(1) of the income-tax act was filed by the revenue, out of which the present reference has arisen. 3. our attention has been drawn to a decision of the supreme court in ..... filed against those assessments it was found that the assessed had disclosed these amounts in the voluntary disclosure made to the commissioner of income-tax and in view of the decision of this court in the case of rattan lal v. ito : 98itr681(delhi) , the addition made was deleted ..... there for interest and the interest was not disclosed, the income-tax officer estimated an income of nine per cent. on these deposits as income accruing to the assessed and brought it to tax in the assessment year 1967-68 and in each of the subsequent assessment years the income-tax officer went on repeating the same produce. in the appeals ..... the deposits stood explained in view of the voluntary disclosure made on behalf of the minor children under the voluntary disclosure scheme of the finance (no. 2) act, 1965 ?'2. the brief facts are that there were accounts in the names of his minor children in the firms of delhi paper industries and rajindra ..... dr. m.k. sharma, j.1. in this reference, the income-tax appellate tribunal, has referred the following question being a question of law to this court for its opinion, relevant to the assessment year 1971-72 : .....Tag this Judgment!